Fox New’s Martha MacCallum struck down a lead Biden advisor over his statement that having a black woman serve on the Federal Reserve board of governors would stop inflation.
“We don’t talk about Fed policy on a regular basis like that,” Bernstein said. “We’re really very much dedicated to an independent Federal Reserve. I will state, and underscoring reporting you just did, that the confirmation of the president’s nominees to the Federal Reserve is super important, this is the first and foremost institution fighting inflation. And the fact that we now have a Federal Reserve with Dr. Lisa Cook, the first black woman ever to be on a Federal Reserve board, is I think a key achievement of Bidenomics, trying to make sure that this extremely important global economic institution looks a little bit more like some of the people that it’s representing.”
“I’m sure she’s excellent and well-qualified,” MacCallum said while cutting off Bernstein. “How does the fact that it’s a diversity pick mean that the economy is going to improve? Why is that relevant?”
“Totally fair question. The reason it’s relevant — remember, these are people that are pulling some of the most influential levers in the economy. Now, any time you’re doing that, you have to ask yourself on whose behalf are you pulling those levers? If you’re simply focused on the top reaches of the corporate sector, if you’re simply focused on the stock market and you’re not paying enough attention to communities that have been left behind in this economy, then I would argue that you have a Federal Reserve that is not as representative as it needs to be. That’s what President Biden —” Bernstein continued.
MacCallum quipped back, “People would argue that it doesn’t matter what color you are to care about communities at the upper and lower reaches of the economy —”
The exchange will not get a lot of media attention but it goes to show the line of reasoning that the Biden admin thinks the American public will buy.
Inflation is at an all-time high and prices are through the roof on many household items. Do you trust the Biden administration to fix this?